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#114123 - 09/12/03 02:00 PM Altered items - time frames
Anonymous
Unregistered

Our bank processed three altered checks two years ago and these items paid at the drawn on bank. The bank now is coming to us for reimbursement, Do we have to refund the money to the drawn on bank and if we don't do we need to file an Affidavit of Loss?

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#114124 - 09/16/03 08:37 PM Re: Altered items - time frames
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
What on the checks were altered? The amounts, the payees?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#114125 - 09/16/03 09:05 PM Re: Altered items - time frames
Anonymous
Unregistered

Both the payee and the amount were changed and the checks were reused at different companies.

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#114126 - 09/16/03 09:21 PM Re: Altered items - time frames
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Normally the statute of limitations is one year on an alteration, but you need to check your state's UCC. Look to your state's version of Article 4 - 406 CUSTOMER'S DUTY TO DISCOVER AND REPORT UNAUTHORIZED SIGNATURE OR ALTERATION. If you are talking about a large amount, a call to your friendly attorney may be in order.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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